According to the research report titled ‘North America Offshore Wind Energy Market Size By Component, Depth, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 a?? 2026‘, available with Market Study Report, North America offshore wind energy market is anticipated to witness notable growth during 2020-2026.
 

Increasing expenditure on green energy generation along with rising demand for renewable technologies are the major factors estimated to drive North America offshore wind energy market during the forecast period. Furthermore, strict government norms to reduce the emission levels will contribute to the market growth. Minimum human intervention, less maintenance, and nominal land utilization are stimulating the deployment of offshore wind energy technology in the region.
 

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Surging investments for development of advanced drive trains and new blade designs is also influencing the industry expansion. Additionally, technological developments, increasing demand for energy along with rising focus on sustainable energy is also expected to fuel North America offshore wind energy industry growth.
 

According to American Wind Energy Association (AWEA), in 2019, there were 15 ongoing offshore wind energy projects, that are predicted to generate 25 GW of offshore wind energy. Increasing awareness regarding the impact of conventional energy generation on the environment along with favorable economic status will aid North America offshore wind energy industry dynamics.
 

Based on rating, >2 MW turbines segment of North America offshore wind energy market is expected to witness substantial growth through 2026, mainly due to advancements in turbine technologies along with rising focus towards utilization of offshore wind energy. Other features such as less emissions, few moving parts, and compact equipment size are likely to contribute to the industry growth. Moreover, regulatory policies & norms that aid installation of renewable energy plants to cater surging consumer demand for electricity will positively impact North America offshore wind energy market trends.
 

From regional frame of reference, the U.S. offshore wind energy market is likely to record strong CAGR during 2020-2026, owing to favorable polices for wind energy generation and renewable energy targets by the government. Furthermore, decrease in cost for power generation along with increasing number of wind energy projects are further augmenting the industry growth.
 

Key players operating in North America offshore wind energy market are Northern Power Systems Corp., MHI-Vestas, Furukawa Electric Co. Ltd., Suzlon Energy Ltd., Global Energy Services, United Power Ltd., Prysmian Group, Acciona S.A., Goldwind, and Envision Energy.